Thank you, PattiF. When you say: "New York City taxes are collected by New York State," I assume you mean that's included on the state tax return, there's no additional return. Ok, so this means I can deduct 100% of my property tax and mortgage interest from my NY state and local taxes? What would be the rate of the deductions? 5.97% for State and 3.88%, meaning in total I'd receive 9.85% of my total mortgage interest and property tax back for the year? Is that how it would work? Thanks.
